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Business Statistics Practice Questions
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Business Statistics Practice Questions
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Business Statistics Practice QuestionsWhich of the following is NOT a use of descriptive statistics? - correct answer-predicting
Education was measured as Freshman, Sophomore, Junior or Senior. What is the level of
measurement for the variable? - correct answer-ordinal
What type of of variable is the amount of time spent sleeping per day? - correct
answer-continuous - there are endless amounts of values that could fall under this variable...
1 hour, 1.1 hours, 1.2 hours, etc.
What type of of variable is the number of accidents reported in a given month? - correct
answer-discrete
Age is what level of measurement? - correct answer-ratio - the data can be categorized and
ranked; the difference between the values is meaningful; there is a meaningful value of 0
For a data set with some variation in the data and an even number of observations, half are
greater than the... - correct answer-median
For data that have been ordered from smallest to largest values, where is the median
located? - correct answer-(n + 1) / 2
The hours worked for a sample of employees are 6, 0, 10, 14, 8, and 0. What is the median
hours worked? - correct answer-7
A disadvantage of using the mean to summarize a set of data is that - correct answer-it can
be easily influenced by outliers (extreme values)
The mean, a measure of central location would be inappropriate for what? - correct
answer-marital status of college students at a particular university (not quantitative)
What level of measurement is needed in order to calculate the variance of a set of data? -
correct answer-Interval
The sum of deviations from the mean is - correct answer-0
What is the relationship between the variance and the standard deviation? - correct
answer-Variance is the square of the standard deviation
The number of hours per semester worked for a sample of students follows: 139, 136, 131,
147, 130, 135, 138, 139, 142. What is the range? - correct answer-17
The number of hours per semester worked for a sample of students follows: 139, 136, 131,
136, 147, 130, 135, 138, 139, and 142. What is the mode? - correct answer-136 and 139
, If the variance for a sample of hourly wage was computed to be $25, what is the standard
deviation? - correct answer-$5
A listing of all possible outcomes of a random variable along with the corresponding
probabilities is called a - correct answer-probability distribution
The weight of people is - correct answer-a continuous random variable
For a normal distribution, the mean plus and minus 2 standard deviations will include about
what percentage of observations? - correct answer-95%
Which is the area under the normal curve between z = 1.00 and z =1.79 - correct
answer-0.1220
Both the mean and standard deviation are needed to find... - correct answer-the relative
position of the variable in a set of data
Why do we use the z-score? - correct answer-to find the relative position of a sample value
within the data set
If we choose a random starting point and then select every fifth invoice in a file, what type of
sampling is employed? - correct answer-systematic sampling
systematic sampling - correct answer-select some starting point and then select every kth
element in the population
When dividing a population into groups so that a random sample of the groups can be
collected, what type of sampling is used? - correct answer-stratified random sampling
stratified random sampling - correct answer-population divided into exclusive and mutually
exhaustive groups called strata
advantage of stratified random sampling - correct answer-guarantees subdivisions of interest
are represented in sample and parameters are more precise
The difference between a population parameter and a sample statistic is - correct
answer-usually very sma;;
Why is range not a satisfactory measure of dispersion? - correct answer-It doesn't account
for outliers
Briefly explain how variance measures dispersion in a set of data - correct answer-It
calculates the distance of each value from the mean
The useful like of a water filter produced by a manufacturer is normally distributed with a
mean of 60,000 gallons and a standard deviation of 4000 gallons. What is the random
variable? - correct answer-Gallons of water
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